By Ehda M. Dagooc (The Freeman) Updated December 24, 2010 12:00
CEBU, Philippines - The real estate industry in Cebu has never seen its peak until 2010. The year 2010 marks the entry of the biggest real estate developers in Cebu's soil to take advantage of a golden opportunity, the local capitalists meanwhile took the initiative of bracing itself to join the bandwagon.
From developing mid-rise to high-rise commercial buildings, hotels, condominiums, spawning mixed-used developments and horizontal residential projects were formally announced this year from the giants to the smallest real estate developers in the Philippines.
Cebu has gained the attention of the country’s top developers, where billions of pesos had been allocated to change the landscape of the Queen City of the South—making it a truly world-class urban center.
Established developers such as SM Prime, Filinvest, Ayala Land Inc., and Aboitiz Land Inc., among others are just a few of the dozens of real estate capitalists in the Philippines that officially announced their keen interest to pour investments in Cebu's real estate sector.
With limited availability of land in the Island Province, developers have opted to build high-rise buildings for condominiums, commercial and BPO facilities, shopping malls, hotels, and re-creation centers.
The most awaited development which was announced in the middle of this year, is the conversion of the 30-hectare lot at the South Road Properties (SRP) for a mixed-used development of the SM Prime Holdings, which include the establishment of one of the world’s largest malls in Cebu.
Hans Sy, SM Prime Holdings president said that the company will spend at least P20 billion of the development of the SRP lot in the few years, of which planning and construction activities started in the latter part of this year.
According to Sy, Cebu’s well-managed economy is one of the reasons why the company has put its money here.
“We are confident of how the whole Cebu is being managed. We are going to duplicate in Cebu what we’ve done in Manila,” he said.
Gotianun-led Filinvest Land Inc. (FLI) started its P25 billion project also at SRP this year, with the introduction of Citta di Mare or “City by the Sea”, which is a joint venture project with the Cebu City government.
FLI’s Citta di Mare is a master-planned community that intensifies the attraction-wealth of Cebu—the resort living.
Aside from the 12 thousand to 15 thousand condominium units that will be constructed, the development will also construct integrated facilities, such as commercial, waterfront lifestyle strip, and a residential cluster, among others.
Creating a City within Cebu City at the SRP is what will be expected in the next 15 to 20 years.
This early, the company has already established a good network of marketing channels to attract condominium investments from abroad. This is to target the wealthy foreigners and even the Filipinos’ working and residing abroad.
The original plan is to build a total of 60 mid-rise buildings within the property. These buildings will provide thousands of condominium units that will re-enforce Cebu’s position as the second home destination.
Cebu promotion stakeholders such as the Cebu Investment and Promotion Center (CIPC) is presently formulating a good and effective promotional campaign to push Cebu’s potential as a second home alternative for foreigners.
CIPC managing director Joel Mari S. Yu earlier announced that CIPC and the real estate and tourism sectors in Cebu will together formulate a roadmap in making Cebu as an International “Second Home Destination” in the world.
Selling condominiums to foreign national buyers is the easiest way as it does not restrict them from owning one. Owning a land property on the other hand, requires foreigners to have a legal linkage with a Filipino partner, in most cases (for residential purposes)—a Filipina wife.
In June of this year, Ayala Corporation chairman and chief executive officer (CEO) Jaime Augusto Zobel de Ayala expressed his confidence of Cebu’s real estate sector, saying country’s giant conglomerate will advance its presence Cebu’s real estate landscape, disclosing interest to buy more lands in the province.
Zobel said that the company’s interest through its various subsidiaries in real estate development group led by ALI will be magnified here.
The recent launching of its two high-rise commercial and residential projects at the Asia Town IT Park,-the Avida Towers and the eBloc2 will kick off its move to further change the urban landscape in Cebu.
Towards the end of this year, two brands of ALI officially announced its entry to Cebu—these are the Alveo, and the Ayala Land Premier. These two ALI brands will build condominium buildings targeted to different market segments.
AboitizLand Inc. on the other hand, announced to launch at least two to three projects by 2011, mostly are into residential and commercial condominium facilities.
Newly established real estate company Innoland Development Corporation recently announced its P1 billion investments for the “The Calyx Center”, a 26-story building will offer over 200 residential and commercial condominium units that will target the growing mobile professionals and technology workers in Cebu.
Residences, the residential component of AmiSa, a five-star leisure resort community in Punta Engaño, Mactan, Cebu.
The property development arm of the J. King and Son Inc., Fuente Triangle Realty Development is also currently building more condominium properties in Metro Cebu, including its condo-tel projects around the country.
Aside from these developers, there are also a growing number of new entrants in the real estate sector in Cebu, taking advantage of the booming real estate business here.
New entrant Cebu Green Peaks Development Inc., recently launched the all-residential garden high-rise condominium project located on Molave Street in Lahug, this City. The project will provide a total of 165 units of one-bedroom, two-bedroom, and garden villas and suites.
Other real estate developers are also scouting good locations for countryside residential developments, to re-enforce Cebu’s positioning as a retirement and second home destination in the world. (FREEMAN)
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